Running Head: HUMAN RESOURCE MANAGEMENT                    1
HUMAN RESOURCE MANAGEMENT                            4
HUMAN RESOURCE MANAGEMENT
Table of Contents
Job Evaluation Methods to Determine Compensation Strategy with Advantages and Disadvantages    3
Ranking Method:    3
Advantages:    3
Disadvantages:    3
Classification Method:    3
Advantages:    3
Disadvantages:    3
Competitive Market Analysis:    4
Advantages:    4
Disadvantages:    4
Recommended Job Evaluation Method and Its Rationale    4
Recommendations for Benefits in Compensation Plan along with Rationale    5
QSEHRA (Qualified Small Employer Health Reimbursement Arrangement):    5
Retirement Plans:    5
Profit Sharing:    5
Student Loan Assistance:    5
Paid Time off to Volunteer:    5
Tickets to Events:    5
Health Savings Accounts (HSAs):    5
Signs of Employee Engagement    6
References    7
Job Evaluation Methods to Determine Compensation Strategy with Advantages and Disadvantages
Ranking Method:
It is one of the most used methods in small enterprises, which have less than 45 employees. According to Rao (2017), this method uses hierarchy level of the company. The top hierarchy will have more duties and power and as it is moved down, the duties and jobs become less specialized and expendable.
Advantages:
It is easy to apply and understand. It is economical and facilitates comparison of job performance.
Disadvantages:
It is a complex method for large organizations. It does not consider market compensation rates.
Classification Method:
It is like grading given to each job in the company. The generic jobs are grouped together to reflect levels of skills or duties. The person who is going to do the job must possess specific set of skills and duties (Schmidt, Pohler & Willness, 2018).
Advantages:
It is not time consuming.
Disadvantages:
It is a challenge to fit jobs in grades. The system can lead to job inflation as even easy going job can be pushed to higher level.
Competitive Market Analysis:
This method uses external data to form the basis of market pricing for job evaluation. Zeidan and Itani (2020) stated that the details of a job are compared with similar jobs in market and the value of the position is...